Inform Accounting

JUNE 29, 2022

For example, if accounts are prepared to 30 June each year, the profit for 2024/25 will comprise 3/12 th of the profits for the year to 30 June 2024 and 9/12 th of the profit for the year to 30 June 2025. This will mean that the business will need the accounts for the year to 30 June 2025 in order to finalise their tax liability for 2024/25.

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CPA Practice

JANUARY 24, 2024

It is lawmakers’ hope that these enhancements allow small businesses to offer a plan (and boost tax savings) when they otherwise could (or would) not. Auto-Enrollment Requirement for New Plans Secondly, starting in 2025, SECURE 2.0 This opens the door to some potential tax benefits that, prior to SECURE 2.0,

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Tax Non-Profits business tax tax return 52

Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. The ability to make Employee Retention Credit claims is currently scheduled to expire as of April 15, 2025.

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ThomsonReuters

OCTOBER 12, 2023

The IRS  Interactive Tax Assistant  can help you determine whether income earned in a foreign country is eligible to be excluded from income reported on your U.S. federal income tax return ( Form 1040 ). tax return. tax return for foreign income taxes paid to a foreign government.

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CTP

MAY 10, 2023

Taxpayers sometimes make the Section 179 election on their tax returns and don’t even realize the deduction has been suspended—that they didn’t receive the benefit that tax year. This can unfortunately affect tax planning down the road. As with all tax planning, thinking through a strategy in advance is the key.

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ThomsonReuters

SEPTEMBER 7, 2023

The child and dependent care tax credit provides financial relief for families who pay for child or dependent care expenses. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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ThomsonReuters

JANUARY 16, 2024

There are new tax laws and changes that could affect your business’s year-end tax planning, including the SECURE 2.0 Act, which made some major changes to employee and employer retirement plans that take effect in 2023. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. As you now see, tax planning is not just for the wealthy.

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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. As you now see, tax planning is not just for the wealthy.

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tax planning Tax Real Estate Education 52

LyfeAccounting

MAY 24, 2021

. $300/month for people who qualify for the $3,600 and $250/month for those people who qualify for the $3,000 child tax credit. Now, these are tax credits. Let us repeat, tax credits, which means this is not a stimulus check. You can think of this more as an advance on your 2021 tax return.

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ThomsonReuters

OCTOBER 19, 2022

FTC coverage begins at A-8900 Corporate alternative (book) minimum tax. Client Letter: 2150 Corporate Alternative Minimum Tax for Tax Years beginning on or after Jan 1.2023. PPC Tax Planning and Advisory Guide: Closely-Held C Corporations, Section 600 Introduction to the Corporate Alternative Minimum Tax (AMT).

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MyIRSRelief

DECEMBER 10, 2021

Back in 2017, there was a $10K ceiling placed upon what was previously an unlimited SALT deduction, which was made available for tax years which began in 2018 onwards, through to 2025. This particular $10K ceiling tax plan was signed by former US President Donald Trump, when he was in office in 2017.

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CPA Practice

JUNE 20, 2023

That’s up from the current maximum $2,000 benefit, which is only paid out at tax time. There was also an option to take some or all of the credit as a lump sum when filing annual tax returns. Under the original benefit expansion, the payment would be $300 per month. The new legislation from Democratic Reps.

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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. A fair tax system should produce similar outcomes.

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